Shipping: Queens Looking for the Sun

If the British thrive on adversity, then the Cunard Steam-Ship Co. Ltd., the grand old lady of transatlantic travel, should thrive. With unusual candor, Sir Basil Smallpeice, chairman of the Cunard group since November, recently stated the dimensions of adversity. Passenger operations have lost $40 mil lion in the past five years. Cargo ship ments and other sources of revenue turned the loss into a slight profit, but, said Sir Basil, Cunard has only been kept going by the sale of investments and property and by tax recoveries.

Cunard's basic trouble is competition in the air. From a peak...

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